Hong Kong’s 0 percent tax concession for carried interest getting funds certified with the HKMA Michael P. Wong, Mack Wan, Gilbert Cheng, Amanda Liu
Contributor(s): Wong, Michael P
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Material type: 
ArticlePublisher: 2021Subject(s): FONDOS DE INVERSION | PLUSVALIAS | INTERES | IMPUESTOS | REDUCCION | HONG KONG
In:
Journal of Taxation of Investments v. 39, n. 1, Fall 2021, p. 9-12Summary: In an effort to compete with other low-tax jurisdictions, the latest amendments to the tax laws in Hong Kong have effectively reduced the profits tax rate to 0 percent for eligible carried interest arising from eligible private investment funds that are managed locally. As the first step, funds need to be certified by the Hong Kong Monetary Authority (HKMA) to determine whether investment and substance requirements have been satisfied. The HKMA has now issued its own guidelines on what is expected in this certification process and the relevant operational procedures involved.
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| OP 235/2021/38/4-3 Accounting and tax issues in applying tax benefits to corporate investments | OP 235/2021/38/4-4 News flash | OP 235/2021/39/1-1 New IRS guidance on credits for sequestration of carbon | OP 235/2021/39/1-2 Hong Kong’s 0 percent tax concession for carried interest | OP 235/2021/39/1-3 Investment efficiency, tax avoidance, and external audit | OP 235/2021/39/1-4 Taxable advance refundings | OP 235/2021/39/1-5 Developments affecting intercollegiate athletics and taxation |
Resumen.
In an effort to compete with other low-tax jurisdictions, the latest amendments to the tax laws in Hong Kong have effectively reduced the profits tax rate to 0 percent for eligible carried interest arising from eligible private investment funds that are managed locally. As the first step, funds need to be certified by the Hong Kong Monetary Authority (HKMA) to determine whether investment and substance requirements have been satisfied. The HKMA has now issued its own guidelines on what is expected in this certification process and the relevant operational procedures involved.
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